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The City of Glens Falls Industrial Development Agency (IDA) is an economic development tool that allows the City
to issue Industrial Development Revenue Bonds, lease/sale agreements, installment sale agreements, as well as various tax advantages to businesses that wish to locate or expand their
operations within the City limits. Typical projects eligible for financing include the purchase and/or rehabilitation of existing buildings, or the construction of additions to existing
facilities.
The Agency is in place to help private businesses improve the job opportunities, health, general prosperity, and overall economic welfare of the City of Glens Falls and its residents over the long term. Our immediate goal is to retain and increase jobs by supporting projects that will have a significant positive impact on the City’s economy.
Although the IDA issues the bonds, it does not actually loan any money to the applicant. Rather, a financial institution loans the funds through the IDA by purchasing the bonds. The financial institution will review the project and makes a decision on whether or not to purchase the bonds based on the financial strength and credit of the applicant. A City of Glens Falls IDA representative will assist in identifying and facilitating discussions between the lender and the applicant. The company will then negotiate the terms and conditions of the loan with the lender.
The IDA issues both tax-exempt and taxable industrial development revenue bonds for the acquisition, construction, and equipping of manufacturing, commercial, and civic facilities. The four financing mechanisms available through the IDA include:
| Tax-exempt bonds | |
| Manufacturing facilities can be financed with tax-exempt bonds. | |
| Taxable bonds | |
| Commercial non-manufacturing projects, such as office buildings, hotels, and retail stores qualify for taxable bonds. | |
| Tax-exempt and taxable bonds | |
| A combination of tax-exempt and taxable bonds can be used for projects that include both manufacturing and non-manufacturing activities. | |
| Refunding bonds | |
| Projects that were previously assisted with tax-exempt bonds are allowed to repay/refund the outstanding principal amount of the “old” bonds with new tax-exempt refunding bonds bearing a lower interest rate. Refunding at lower interest rates allows companies to remain competitive in Glens Falls by reducing their facility costs. |
Documents for the monthly meetings can be downloaded here:
2019 ANNUAL REPORT, FINANCIAL STATEMENT and ANNUAL MEETING
| 2019 Annual Report pursuant to PAAA 2800(2) | |
| IDA Annual Financial Independent Auditors Report for 2019 | |
| CDC Annual Financial Independent Auditors Report for 2019 | |
| IDA Annual Meeting Minutes 2019 coming | |
| CDC Annual Meeting Minutes 2019 coming |
DOWNLOADS
Additional GFIDA and CDC documents can be downloaded here:
| CITY OF GLENS FALLS PRUYNS ISLAND MASTER PLAN - REDEVELOPMENT & CONNECTION PLAN click on image to download pdf of plan  |
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COMMUNITY CHALLENGE DOWNTOWN |
| LEGISLATIVE SESSION REPORT Source: looktvonline.com Kenneth Adams, head of the Empire State Development Corporation, discussed Governor Andrew Cuomo’s 2011-2012 session accomplishments with local leaders and residents. VIEW VIDEO |
| STATE WILL FEATURE FAGE, NANOTECH, IN ADS Source: timesunion.com Gov. Andrew Cuomo just unveiled a new set of advertisements designed to attract and retain businesses in the state. VIEW ADS |
BEST MID SIZED CITIES FOR JOBS LIST BY FORBES MAGAZINE -- GLENS FALLS IS 12TH Glens Falls Mayor Jack Diamond has responded favorably to positive job growth report and national ranking from Forbes magazine for the city and the region. Mayor stated that the Glens Falls Economic Development Group has already forwarded this information to NY Empire Development Officials, Governor's Office and legislative leaders in Albany and Washington as well to several interested parties. READ MORE Read more from Forbes |
RIGHT AT HOME - There's No Better Region Produced by Pepe Production |
The purpose of this site is to provide a brief overview of the IDA program. We encourage you to contact us regarding the establishment or expansion of your business. We have a range of economic development programs, incentives, and economic development tools that make Glens Falls a great place to do business.
City of Glens Falls
Office of Economic Development
333 Glen Street
Room 101
Glens Falls, NY 12801
Phone: (518) 761-3833
Fax: (518) 798-5029
Ed Bartholomew
Economic Development Director
ebartholomew@edcwc.org
OUR MISSION | BOND/LOAN PROGRAM |
DOWNLOADS
MONTHLY MEETING INFORMATION | CONTACT US